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Asia and Pacific > Thailand

You are looking at 1 - 10 of 23 items for :

  • Type: Journal Issue x
  • Central Banks and Their Policies x
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Cover FinTech Notes
Towards Central Bank Digital Currencies in Asia and the Pacific: Results of a Regional Survey
Mrs. Sarwat Jahan
,
Ms. Elena Loukoianova
,
Mr. Evan Papageorgiou
,
Ms. Natasha X Che
,
Ankita Goel
,
Mike Li
,
Umang Rawat
,
Yong Sarah Zhou
, and
Ankita Goel
Drawing on survey responses from 34 Asian economies and country case studies, this note takes stock of recent developments related to central bank digital currencies (CBDCs) and crypto assets in Asia. The survey finds that there is significant heterogeneity in terms of stage of development, but the emergence of private crypto assets has created an impetus to consider CBDCs. While most countries are engaged in research and development, with some at advanced stages of testing and pilots, very few countries are likely to issue CBDCs in the near-to-medium term, reflecting the still considerable uncertainties. Still, country experiences so far provide some key insights for others in their journey in this area.
Keywords:
Blockchain; cash; central bank digital currency; crypto asset; distributed ledger technology; payments; Asia-Pacific region; fact XI pic; fact II interest in CBDC development; fact III central banks; fact IX challenge; fact XII; Central Bank digital currencies; Virtual currencies; Digital currencies; Payment systems; Financial inclusion; Asia and Pacific; Pacific Islands; Global
Cover IMF Working Papers
Synergies Between Monetary and Macroprudential Policies in Thailand
Ichiro Fukunaga
and
Manrique Saenz
A dynamic stochastic general equilibrium (DSGE) model tailored to the Thai economy is used to explore the performance of alternative monetary and macroprudential policy rules when faced with shocks that directly impact the financial cycle. In this context, the model shows that a monetary policy focused on its traditional inflation and output objectives accompanied by a well targeted counter-cyclical macroprudential policy yields better macroeconomic outcomes than a lean-against-the-wind monetary policy rule under a wide range of assumptions.
Keywords:
WP; monetary policy; loan; Taylor; housing loan; x inflation gap; Macroprudential policies; Lean-against-the-wind monetary policy rule; Dynamic stochastic general equilibrium model; Thailand; world interest rate; LTV rule; household LTV cap; Macroprudential policy instruments; Macroprudential policy; Financial sector stability; Housing; Inflation; monetary policy transmission; inflation stability; inflation gap; world interest rate shock
Cover IMF Working Papers
Legal Protection: Liability and Immunity Arrangements of Central Banks and Financial Supervisors
Mr. Ashraf Khan
This paper argues that central bank legal protection contributes to safeguarding a central bank and its financial supervisor’s independence, especially for conducting monetary and financial stability policy. However, such legal protection also entails enhanced accountability. To this end, the paper provides a selected overview of legal protection for central banks and financial supervisors (if the supervisor is part of the central bank), focusing on liability, immunity, and indemnification arrangements, and based on the IMF’s Central Bank Legislation Database. The paper also uses data from the IMF’s Article IV and FSAP Database, and the IMF MCM’s Technical Assistance Database. It lists selected country cases for illustrative purposes. It introduces the concepts of “appropriate legal protection” and “function-specific legal protection” as topics for further research.
Keywords:
WP; central bank; government; country; monetary policy; staff; central banking; financial supervision; financial regulation; law; liability; immunity; technical assistance; central bank law; civil servant statute; State agency; central bank staff; liability standard; central bank liability; central bank governor; indemnification arrangement; liability regime; central bank website; State liability; central bank liability standard; Central bank legislation; Legal support in revenue administration; Central bank autonomy; Central bank governance; Global; Asia and Pacific; financial supervisor
Cover IMF Working Papers
Spillovers from Japan’s Unconventional Monetary Policy to Emerging Asia: a Global VAR approach
Mr. Giovanni Ganelli
and
Nour Tawk
We use a Global VAR model to study spillovers from the Bank of Japan’s quantitative and qualitative easing (QQE) on emerging Asia.1 Our main result is that, despite an appreciation of their currencies vis-à-vis the yen, the impact on emerging Asia’s GDP tended to be positive and significant. Our results suggest that the positive effect of QQE on expectations, by improving confidence, more than offset any negative exchange rate spillover due to expenditure switching from domestic demand to Japanese goods. They also suggest that spillovers from QQE might have worked mainly through the impact of expectations and improved confidence, captured by increases in equity prices, rather than through balance sheet adjustments which might have been captured by movements in the monetary base.
Keywords:
WP; price; Japan; interest rate; Japan's QQE; net export; QQE; Spillovers; Emerging Asia; equity price; Japan MSCI index; currency appreciation; Japan's price competitiveness; equity price shock; Japan's quantitative easing program; QQE in Japan; stock price effect; price boom; equity price increase; Inflation; Stocks; Monetary base; Unconventional monetary policies; Exchange rates; Asia and Pacific; Global; Europe
Cover IMF Working Papers
The Impact of Global Liquidity on Financial Landscapes and Risks in the ASEAN-5 Countries
Tao Sun
This paper analyzes the transmission of global liquidity to the ASEAN-5 countries (ASEAN-5), including the impact on financial landscapes and risks to financial stability. It finds that global liquidity transmission and changing financial landscapes have contributed to increases in risks to financial stability in ASEAN-5. Therefore, policymakers in ASEAN-5 should prepare for possible liquidity tightening, strengthen regulation of nonbanks, and establish a comprehensive financial stability framework. A number of couontries are well-advanced in this process.
Keywords:
WP; ASEAN-5; nonbank; market; asset; global liquidity; financial landscape; financial stability; market liquidity; credit-to-GDP ratio; nonbank development; liquidity transmission; liquidity shortage; nonbanks hereafter; diminished market liquidity; asset-to-GDP ratio; International liquidity; Financial sector stability; Financial sector risk; Liquidity; Securities; Global
Cover IMF Working Papers
Issuance of Central Bank Securities: International Experiences and Guidelines
Mr. Simon T Gray
and
Ms. Runchana Pongsaparn
The paper discusses the reasons for central bank (CB) issuance of securities, and reasons for choosing different approaches e.g. in maturities and target market. It provides evidence on the range of different approaches taken by those CBs which do issue, as well as suggesting reasons why some CBs do not; and provides operational guidelines on the major building blocks of the issuance of CB securities.
Keywords:
WP; CB Securities; market; liquidity; coupon bond; proceeds
Cover IMF Working Papers
What has Capital Liberalization Meant for Economic and Financial Statistics
Mr. Robert M Heath
The liberalization of capital flows both in the domestic economy and cross-border has been among the most important policies adopted by IMF member countries over recent decades. The impact has been wide-ranging. This paper looks at the impact on the field of economic and financial statistics in the past two decades, as statisticians have responded to the changing policy needs. The paper considers the historical context of changes that have occurred, draws out the key trends, and asks where these trends might lead statisticians in the foreseeable future. The paper considers that there has been nothing short of a revolution in the field of economic and financial statistics over the past two decades led by a need for greater transparency; greater standardization; new data sets to support understanding of financial interconnections and financial sector risks; and the strengthening of the governance of the statistical function through greater independence of statistical agencies.
Keywords:
WP; economic statistics; economy; liberalization; market; financial crisis; leading indicator; capital account liberalization; transparency; data dissmination standards; Group of Twenty; financial sector; financial interconnections; data dissemination standard; SDDS subscription; world balance of payments system; policy interest; balance of payments compiler; IMF paper; GDDS country; market reaction; SDDS requirements; IMF surveillance; a number of economy; IMF staff in consultation; Special Data Dissemination Standard (SDDS); Financial statistics; Data dissemination; Global
Cover IMF Staff Country Reports
Malaysia: Financial Sector Assessment Program Monetary Liquidity Frameworks-Technical Note
International Monetary Fund. Monetary and Capital Markets Department
This technical note on Monetary Liquidity Frameworks on Malaysia’s inflation analyzes that it has returned to a more stable path, after some wider fluctuations before and during the global financial crisis. On the liability side, Malaysian banks’ liquidity is based largely on deposits. The increase in foreign reserves at the Central Bank is a major driver of the growth of the Bank Negara Malaysia’s balance sheet. Monetary operations with Islamic banks are carried out through specific Shariah-compliant instruments.
Keywords:
ISCR; CR; BNM; exchange rate; foreign exchange; bank; securities; active use; position vis-à-vis; central bank; liquidity position; interest rate; BNM's balance sheet; liquidity framework; liquidity condition; liquidity-releasing measure; Liquidity; International reserves; Global financial crisis of 2008-2009; Excess liquidity; Open market operations; Global
Cover IMF Working Papers
Private Information, Capital Flows, and Exchange Rates
Mr. Jacob Gyntelberg
,
Mr. Subhanij Tientip
, and
Mr. Mico Loretan
We demonstrate empirically that not all capital flows influence exchange rates equally: Capital flows induced by foreign investors’ stock market transactions have both an economically significant and a permanent impact on exchange rates, whereas capital flows induced by foreign investors’ transactions in government bond markets do not. We relate these differences in the price impact of capital flows to differences in the amounts of private information conveyed by these flows. Our empirical findings are based on novel, daily-frequency datasets on prices and quantities of all transactions of foreign investors in the stock, bond, and onshore FX markets of Thailand.
Keywords:
WP; FX order flow; FX transaction; FX dealer; Thai baht; bond order flow; bond order flow series; component FX order flow; customer order flow; FX order flow shock; FX risk; FX swap order flow; swap transaction; Order flow; private information; exchange rate models; market microstructure; exchange rate fluctuation; responses to FX order flow shock; FX order flow regression; flow series; Citibank customer order flow; Stock markets; Currency markets; Securities markets; Exchange rates; Global
Cover IMF Working Papers
Surging Capital Flows to Emerging Asia: Facts, Impacts, and Responses
Sylwia Nowak
,
Mr. Sanjaya P Panth
,
Mr. Ravi Balakrishnan
, and
Mr. Yiqun Wu
Net capital flows to emerging Asia rebounded at a record pace following the global financial crisis, raising concerns about overheating and financial stability. This paper documents the size and composition of the most recent surge to Asian emerging markets from a historical perspective and compares developments in the broader economy, asset prices, and corporate variables across the different episodes of strong inflows. We find little evidence of a significant build-up of imbalances and resource misallocation during the most recent surge. We also review country experiences in managing the risks associated with inflows and argue that Asian countries have used regulatory measures during past surges, although there is not strong evidence of their efficacy without supporting monetary and fiscal policies.
Keywords:
WP; ED142; financial crisis; Indonesia; Thailand; net capital; Asia; capital inflows; macroprudential policy; interest rate; net capital flow; portfolio equity; equity ratio; IMF staff calculation; portfolio debt; central bank; portfolio flow; Capital flows; Global financial crisis of 2008-2009; Balance of payments statistics; Private capital flows; Asia and Pacific; Global